Once you have your Medicare supplement quotes you will need to decide what plan is best for you. When you compare Medicare supplement plans, it is important to understand that different lettered plans provide varying amounts of coverage. All the plans are federally standardized so what a certain plan from one company covers is the same as that plan when it comes from another company. However, what different insurance companies charge for the same plan can be dramatically different. Consider some of the information below to help you decide.
Nationwide the three most common plans are F, G, and N.
- Medigap Plan F. This is the most common and comprehensive plan. It covers everything that Medicare doesn't cover at the doctor and hospital so that you don't have any out of pocket costs with exception of your monthly premium.
- Medigap Plan G. This plan is almost the same as Plan F. It does not cover the Medicare Part B yearly deductible. That, however, is the only difference between Plan F and Plan G. This plan may save you some money but if you use Part B you will pay out of pocket cost up to the yearly deductible amount. For many this plan is often the best choice if you don't mind paying the yearly deductible as opposed to the higher monthly premium of Plan F.
- Medigap Plan N. This is a lower-tier plan that has some cost-sharing ($20 doctor's office co-pay and $50 emergency room co-pay) in exchange for lower monthly premiums. It is designed as an alternative to Medicare Advantage plans, while still giving you the flexibility and stability of a supplement plan. This plan also does not cover excess charges.
Compare Medicare supplement plans: If you do not want to worry about out of pocket expenses and just want to pay a monthly premium then plan F may be right for you. On the other hand, if Plan G is substantially less than Plan F and the only difference is the yearly deductible then Plan G might make more sense. Another thing that you should consider is your health. If you have ongoing health problems that require many doctor visits you may want to stay away from Plan N because of the co-pays. If you are in great health, do not mind paying a few out of pocket expenses, or just want some basic coverage then one of the other plans may better meet your needs. Nationwide, Plans F,G, and N are the three plans that many see as the best options, but you may see things differently so take a look at all the options before deciding.
The monthly premium that a company is going to charge you is one of the most important factors when deciding between insurance companies. Some people also consider a companies financial stability. When you get your quotes through us you will also get the AM Best rating if available. The AM Best Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive evaluation of a company's balance sheet strength, operating performance and business profile.
Once you have looked over all of the information you can easily make an informed decision when you compare Medicare supplement plans and rates. You will be able to find a plan that best meets your needs and what insurance company sells that plan at the best rate. Once you have decided what plan you want then send your agent an email or call and ask for an application. We will be happy to help you fill out the application if you need it.
You can request Medicare supplement quotes now by clicking here and filling out a simple form. An agent will look up the rates based off of the information you provide and send the quotes to you by email.